An offer in compromise may help some taxpayers
settle their tax bill
Individual taxpayers and business owners can use the IRS’s recently updated Offer in Compromise Booklet to learn how an offer in compromise works and decide if it could help them resolve their tax debt.
From IRS.gov
Filing season reminder: An extension to file is
not an extension to pay taxes
For most individual taxpayers the tax filing and payment deadline was postponed to May 17. Those who need more time to file beyond the postponed date, can request an extension to file.
From IRS.gov
Tips for taxpayers who work in the gig economy
The gig economy allows people to earn income by using technology to arrange transactions. This could include performing rideshare services or deliveries, renting out property, selling goods online, or providing freelance work. Often, customers and providers of goods or services are brought together through a digital platform on an app or website.
Go here to find out more: https://www.irs.gov/newsroom/new-requirement-applies-to-any-business-seeking-a-tax-id-number-irs-offers-data-security-tips-during-national-small-business-week
Question: I am starting a small business formed as a single member LLC. I am listed as the sole member. As per the documents, the IRS initially classifies the business as a disregarded entity in New York State and says that I must complete and submit the required forms to the IRS. Provide me with some background on both an A Corporation or S-Corporation and advise which is suitable for someone like myself that's starting a small business?
Question: I need a copy of my W-2 form. I am no longer working at…
Answer: I would contact the former employer (payroll department). If that did not work contact the IRS.
Form 4506T and 4506T-EZ - This could get you a tax account transcript, record of account, wage and income, and a verification of non-filing. You can only get information for the current tax year and prior 3 years.
I will be posting some questions and my answers to assist those looking at this blog for some information. This site is not set up to allow for posting questions from readers as I am not giving away free advice. I know this sounds insensitive, however I have been in the consulting business long enough to know that if you are asking my advice, then it is worth something.